LexisNexis® Legal Newsroom
Morrison, Whistleblowers And Limits On Federal Authority

The fundamental question in National Federation of Independent Business v. Sebelius, Secretary of HHS, No. 11-393 (S.Ct. June 28, 2012), which addressed the constitutionality of the Affordable Care Act, was the scope of federal power within the United States. There the Court fashioned new limits on the...

Goldman Sachs, Fabulous Fab, and Morrison's Second Prong

In its June 2010 decision in the Morrison v. National Australia Bank [ enhanced version available to Lexis.com subscribers ], the U.S. Supreme Court enunciated a "transactions" test to determine the applicability of the U.S. securities laws. The Court said that the U.S. securities laws apply...

The Reach of Section 10(b) After Morrison and Dodd-Frank

In Morrison v. National Australia Bank, Ltd., 130 S.Ct. 2869 (2010) [ an enhanced version of this opinion is available to lexis.com subscribers ] the Supreme Court delimited the reach of Exchange Act Section 10(b) to the shores of the United States. The Court held that the question regarding the reach...

Canadian Courts Struggle with Jurisdictional Issues in Securities Suits

The question of when domestic securities laws provide remedies for investors who purchased their shares in foreign companies on foreign exchanges vexed U.S. courts for years until the U.S. Supreme Court sorted out the issues in Morrison v. National Australia Bank [ an enhanced version of this opinion...

Morrison, RICO and Extraterritorial Reach

In the wake of Morrison v. National Australia Bank Ltd., 130 S. Ct. 2869 (2010) [ an enhanced version of this opinion is available to lexis.com subscribers ], a critical question has been whether a statute has extraterritorial reach. In Morrison the Court rejected a claim that Exchange Act Section 10...

Applying Morrison, Second Circuit Affirms UBS Credit Crisis Securities Suit Dismissal

After the U.S. Supreme Court issued its opinion in Morrison v. National Australia Bank [, 130 S. Ct. 2869 (2010) an enhanced version of this opinion is available to lexis.com subscribers ], the plaintiffs’ lawyers developed a number of theories to try to circumvent Morrison to assert claims under...

Second Circuit Affirms Porsche Securities Suit Dismissal; Domestic Transaction Necessary But Not Sufficient to Invoke U.S. Securities Laws

On August 16, 2014, in a long-awaited decision that is sure to provoke comment and that could fuel disputes in future cases, the Second Circuit affirmed the dismissal of the securities suits hedge fund purchasers of certain swap agreements had filed against Porsche and its executives. The plaintiffs...

Second Circuit Limits Commodities Exchange Act Private Actions Based on Morrison

In Morrison v. National Australia Bank Ltd., 561 U.S. 247 (2010) the Supreme Court delimited the reach of Exchange Act Section 10(b), concluding that the Section has no extraterritorial reach [an enhanced version of this opinion is available to lexis.com subscribers] . Rather, the Section is confined...

Sixth Circuit Concludes Morrison Does Not Apply to Advisers Act

In Morrison v. National Australia Bank, Ltd., 561 U.S. 247 (2010) the Supreme Court held that the reach of Exchange Act Section 10(b) is the water’s edge of the United States [subscribers can access an enhanced version of this opinion: lexis.com | Lexis Advance ]. Specifically, the court held that...

Tesco Securities Suit: Applicability of U.S. Securities Laws to Unlisted ADRs?

It has been over five years since the U.S. Supreme Court’s June 2010 decision in Morrison v. National Australia Bank restricted the ability of shareholders of non-U.S. companies who purchased their shares outside the U.S. to file securities fraud lawsuit in U.S. courts under the U.S. securities...